Vietnam-based VinFast, an automotive startup that’s part of local conglomerate Vingroup, has signed an agreement with the government of North Carolina in the US for settung up a manufacturing plant for electric vehicles in the state. The plant will be the company’s first in North America.
North Carolina Governor Roy Cooper (left) and VinFast Global CEO Le Thi Thu Thuy / Photo credit: VinFast
The plant, covering an area of 800 hectares, will focus on the production and assembly of electric cars, buses, and EV batteries, and focus on ancillary industries for suppliers.
The company plans to invest up to U$2 billion in the first phase of the project, which is expected to create thousands of local jobs.
Construction for the first phase of the factory will start this year after the company receives a construction permit. Production is expected to begin in July 2024. Under the agreement, VinFast will invest in the manufacturing setup in the future phases as well.
At the plant, the company will manufacture its VinFast VF 9, a seven-passenger all-electric sports utility vehicle (SUV), and VinFast VF 8, a five-passenger all-electric midsize SUV.
VinFast expects to produce 150,000 vehicles per year during the first phase of the manufacturing unit.
Founded in 2017, VinFast has already expanded its operations outside Vietnam to Canada, Germany, France, the US, and the Netherlands.
The EV company is also reportedly gearing up for an listing in the US that is expected to be launched in the second half of 2022. VinFast could raise as much as US$3 billion from the IPO.
Editing by Miguel Cordon
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
